Phantom Offers in the Toronto Reat Estate Market

As a realtor who works with buyers in a HOT Toronto real estate market, Multiple offers, well, it's just a normal part of doing business. All too often, agents will underprice a property to generate numerous offers and hope someone comes up with a big number.

In a recent article in the Toronto Star, some consumers have complained of phantom offers. These consumers were making offers on properties that had been on the market for an extended period of time. Suddenly, when their offer was registered, another offer just happened to be registered as well. Coincidence........no one knows. In my opinion, the Toronto Real Estate Board should establish clearer guidelines on how multiple offers should be handled. The process of handling multiple offers is not very transparent. As a buyers' agent, you have no real way of knowing if there is another offer in fact.

My brokers, Ken McLachlan and Debra Bain of REMAX Hallmark Realty Ltd, who head one of the larger brokerages in Toronto, once again have decided to lead the way and establish a new policy around multiple offers.

The policy of REMAX Hallmark Realty Ltd regarding multiple offers is as follows:

In Offer situations when RE/MAX Hallmark Realty Ltd. is representing the seller in multiple offer scenarios, it will be the company wide policy of RE/MAX Hallmark Realtors to disclose the name and company of all Realtors (in writing), who have registered an offer on the property to any participating co-operating broker when requested.

When requested, this information will be provided to any co-operating broker either in writing before Offers are being presented of after completing of transaction.

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Sam Soukas
REMAX Hallmark Realty Ltd
Sales Representative
www.AgentSam.ca